Inclination Towards Electric Vehicles Aids India Automotive Paints & Coating Industry to grow at CAG

The growing demand for electric vehicles is creating new trends across the industry, as stated by the recently published report description of Markntel Advisor (a leading consulting, data analytics, and market research firm). The report further states that the rising environmental awareness, government incentives, and advancement in technology, EVs are rapidly gaining traction in the Indian Market, propelling the growth of paints and coatings in this industry. The report comprises "India Automotive Paints and Coatings Market Research Report: India Automotive Paints and Coatings Industry Bifurcations - By Resin Type (Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, Others), By Composition (Water-based, Solvent-based, Powder-based), By Coating Type (E-coat, Primer, Basecoat, Clearcoat), By Vehicle Type (Two-wheelers, Passenger Cars, Medium & Heavy Commercial Vehicles, Light Commercial Vehicles), By Application (OEM, Refinish) and others Forecast (2024-2030)", According to the report, the India Automotive Paints and Coatings Market is estimated to grow at a CAGR of around 8.2% during the forecast period, i.e., (2024-30).

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Leading Segmentation Analysis Based On Resin Type, and Application

The India Automotive Paints & Coatings market is segmented into six segments based on resin type, Composition, coating type, Vehicle type, region, and application.

• Based on Resin Type, the market is segmented into Polyurethane, Epoxy, Acrylic, Alkyd, Polyester, and Others in 2024, The Polyurethane (PU) segment will dominate the India Automotive Paints & Coatings Market
• Based on Application, the market is segmented into OEM, and Refinish, in 2024, the OEM segment will dominate the India Automotive Paints & Coatings Market

Key Market Players and Recent Updates: Strengthening the Industry Growth

Highlighting the recent update that demonstrates the further growth and market expansion:

• Collaboration between McLaren Racing and AkzoNobel in 2022 to explore new sustainability, technical innovation, and product development potential.
• BASF expands its Automotive Coating Application Centre and its Coatings Technology Centre in Mangalore in 2022, to surpass its customer service capabilities in the country.

Additionally, to strengthen their market position, certain market players such as

Asian Paints Limited, Berger Paints India Limited, Kansai Nerolac Paints Ltd, AkzoNobel India Ltd, Jenson & Nicholson Paints Private Limited, Nippon Paint (India) Private Limited, and others are operating, not only to raise revenue but also to seek comprehensive attention and popularity from large customers. Therefore, looking forward towards futuristic growth and betterment.

Strict Guidelines Associated with Paints & Coatings are Expected to Hamper Industry Growth

The growing awareness and concern regarding conservational impacts facilitates environmental rules and regulations imposed by central and state governments are considered a challenge to market growth. This is owing to the regulation's major goal is to reduce carbon footprints, control the release of volatile organic compounds, and minimize the environmental impact of the coatings manufacturing process. This further entails substantial investments in technology and processes to reduce pollution & waste, which again requires a long approval time, this is somewhat expected to restrict the market expansion.

Frequently Asked Questions (FAQs)-

1. What is the expected CAGR value of India Automotive Paints & Coatings Market during the forecast period?
2. What are the trends influencing the current scenario of the India Automotive Paints & Coatings market?
3. What key factors would propel and impede the India Automotive Paints & Coatings industry across the region?
4. How has the industry been evolving in terms of geography & India Automotive Paints & Coatings adoption?
5. Which region dominated the India Automotive Paints & Coatings in 2024?
6. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
7. Which is the Leading application segment in the India Automotive Paints & Coatings market?

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals.